California’s housing market softened in October as both statewide sales and median price contracted from the previous month and is still on target to meet forecast projections . Home sales exceeded the 400,000 level in October for the seventh consecutive month and posted higher on a year-to-year basis for the ninth straight month. Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 403,510 units in October.
According to CA Association of Realtors, San Francisco Bay Area's median price of a single family homes was $790,580, increased 7.3% form last year. Sales in the Bay Area decreased 8.9% from a year ago.
Newest housing market indicator which measures the sales-to-list price ratio, properties are generally selling below the list price, except in the San Francisco Bay Area, where a lack of homes for sale is pushing sales prices higher than original asking prices. The statewide measure suggests that homes sold at a median of 98.2 percent of the list price in October, up from 97.7 percent at the same time last year. The Bay Area is the only region where homes are selling above original list prices due to constrained supply with a ratio of 102.2 percent in October, up from 101.2 percent a year ago.
San Francisco had the highest price per square foot in October at $778/sq. ft., followed by San Mateo ($745/sq. ft.), and Santa Clara ($572/sq. ft.). The three counties with the lowest price per square foot in October were Siskiyou ($115/sq. ft.), Madera ($120/sq. ft.), and Kings and Tulare both at $121/sq. ft.
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